أثر تطبيق قواعد الحاكمية المؤسسية في الحد من التعثر المالي في الشركات المساهمة العامة الأردنية غير المالية المدرجة في بورصة عمان : دراسة تحليلية

Abstract EN

This study aimed to identify the level of applying corporate governance in the Jordanian public shareholding industrial and service companies listed on Amman stock exchange during the advisory stage of corporate governance (2005-2008) and compulsory stage (2009-2015), and to identify the impact of this level of application on reducing financial distress, relying on the following corporate governance rules: boards of directors, general assembly meetings, rights of the shareholders and disclosure and transparency.

to achieve the objectives of the study the content analysis approach, basal on actual annual reports of sample companies, was used to fill the corporate governance questionnaire as approved by the securities commission.

the final sample consisted of (95) industrial and service company (48) of them were financially distressed, they incurred losses for two or more consecutive years.

and (47) non-financially distressed companies, that were as close as possible to financially distressed companies in terms of assets size), during the study period (2005-2015),making study total observations (855).

the most important results of dtis study were: applying corporate governance rules have an important impact on reducing financial distress in public shareholding companies, and that the level of applying corporate governance during the compulsory stage was (89.88%) in tlie non-financially distressed companies compared to (74.93%) in the financially distressed companies.

the most important recommendations of the study are : there is a need to emphasize the full compliance with the requirements of the corporate governance rules, being one of the important mechanisms to prevent financial distress in public shareholding companies, and to activate the role of the securities commission follow-up on corporate compliance the study also emphasize the importance of the supervisory role of the companies control department - ministry of industry to follow-up distressed companies.